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QUIZ QUIZ – Our Money Money Unit Review Questions Answer the following questions. 1. Whose signature is on each Federal Reserve note? 2. Whose portrait is on the $20 bill? 3. Name two ways the United States protects its currency from counterfeiting. 4. Who should you contact if you suspect you have been given counterfeit currency? 5. True or False : The U.S. government plans to recall all currency and replace it with the newly designed currency.

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QUIZ QUIZ – Our Money Money Unit Review Questions Answer the following questions. 6. True or False: The Federal Reserve System prints all the money in the United States. 7. What's the difference between representative money and fiat money? 8. What are the three functions of money? 9. Who is credited with making the first paper money? 10. What were some of the commodities people used as money and why? 11. Money replaced what system of trade?

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QUIZ QUIZ – Our Money Money Unit Review Questions ANSWERS 1.The signatures of the Secretary of the Treasury and the U.S. Treasurer appear on each Federal Reserve note. 2.Andrew Jackson is on the $20 bill. 3.The U.S. protects its currency by: Micro Printing Watermark Using a special heavy type of paper. Weaving small red and blue threads in the bill. Weaving a polyester thread with the letters USA and the bill's denomination inside the bill. Color Ink Serial Numbers 4.You should contact the Secret Service or local police if you suspect you have a counterfeit bill. 5.False, old currency won't be recalled to put new currency into circulation. 6.False, the Bureau of Engraving and Printing is responsible for printing money. 7.Representative money can be redeemed for commodities such as gold or silver fiat money cannot. 8.The three functions of money are: medium of exchange standard of value store of value 9.The Chinese were the first to use paper money. 10.Pewter, gold silver, gems, furs, etc. were all used as money. They were used because they were scarce and valuable. 11.The system of money replaced barter.

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Thank you

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NOTES The following slides are to be used when printing the presentation for use on transparency. They should replace slides 5 & 6 so you do not give away the answers.